Trump announces United States tariffs on $50 billion in Chinese imports

17 June, 2018, 17:45 | Author: Clarence Schmidt

After a spiralling trade dispute with President Donald Trump, China has announced its decision to hike the import duties on electric cars and a list of other goods accounting for $34 billion, which come from the United States of America.

The implementation date for imposing additional tariffs on the remaining 114 items, covering chemical products, medical equipment and energy products, will be announced later.

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. In March, while signing an order calling for tariffs on China's imports, the president said "It is the largest deficit of any country in the history of our world".

China has, for example, always been engaging in several unfair practices related to the acquisition of American intellectual property and technology.

Trump's revised tariff list might exclude some consumer items from an earlier proposal to focus more on goods related to Beijing's "Made in China 2025" program, Eurasia Group said in a report.

Early this year in April US President Donald Trump has tweeted, "When a vehicle is sent to the United States from China, there is a Tariff to be paid of 2 1/2 per cent".

Yichuan Cao/Sipa USA/NewscomThe trade war between Washington and Beijing escalated again today.

Aircraft, included in the earlier Chinese list, were not on the revised list. Tariffs on $34 billion of goods will take effect from July 6, according to Reuters.

"We have the great brain power in Silicon Valley, and China - and others - steal those secrets", Trump said in an interview with Fox News.

In April, Washington said it will impose 25 percent tariffs on 1,300 Chinese goods that are worth $50 billion.

A second tranche of 284 goods valued at $16 billion - which would bring the total to $50 billion - will undergo an additional process of review and public comment, according to the trade representative's office.

In a statement, he warned of "additional tariffs" should China hit back with tit-for-tat duties on American goods and services exports.

The immediate impact of tariffs on USA growth is expected to be relatively small, but economists warn a prolonged trade war could damage business investment and consumer confidence. The automaker sold 41,040 units in 2018, the Envision's first full year in the US market.

The US penalty is created to punish China for stealing American technology and trade secrets.

PORTLAND, MAINE-A set of retaliatory tariffs released by China on Friday includes a plan to tax USA lobster exports, potentially jeopardizing one of the biggest markets for the premium seafood.

Trump previously imposed tariffs on steel and aluminum imports from Canada, Europe, Japan, Mexico, a move that drew strong rebukes from US allies.

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